A bill to permit the Capital Yacht Club of the District of Columbia to borrow money without regard to the usury laws of the District of Columbia, to amend title 28 of the District of Columbia Code relating to usury in the District of Columbia, and for other purposes.

[AI summary unavailable — showing source text] Permits the Capital Yacht Club of the District of Columbia to borrow money at such rates of interest as the corporation may determine, without regard to the restrictions of any usury law. Provides that it shall be lawful for any person in the District of Columbia to charge any rate of interest on any loan, the principal of which is in excess of $1,000,000, to any; (1) business or commercial organization; or (2) person owning or desiring to acquire a business or commercial organization as a sole proprietor or joint venture. Requires that such loan be transacted solely for the purpose of conducting or acquiring a business or commercial organization.…